Shows
Debt Free in 30Zombie Subscriptions: How To Spot And Cancel Hidden Budget KillersZombie memberships are real – and they’re feasting on your budget every month. Forgotten fitness app? Digital subscription you thought was cancelled? Auto-renewals can quietly drain your finances if you're not paying attention. Doug Hoyes and Ted Michalos discuss why some subscriptions are so easy to miss, and how to track, cancel, and avoid them going forward. This episode includes real examples, expert tips, and even a personal story from the Hoyes Michalos team, proving it can happen to anyone. (00:00) Are You Paying for Subscriptions You Forgot About? (03:00) Fitness Clas...2025-05-3130 minDebt Free in 30Can You Walk Away from a Pre-Construction Deal? What You Need to KnowAlarming trend: Canadians are finding themselves unable to follow through on pre-con real estate purchases. So, what happens if you can’t close on a pre-construction real estate deal? In this episode, the co-founders of Hoyes Michalos break down the reality of pre-construction deals in Canada, including assignment sales, how rising rates and blanket appraisals impact your deal, and what happens if you can’t secure financing. They also explore the legal and financial consequences of “walking away” and whether solutions like a consumer proposal or bankruptcy might apply to your situation. Walking Away From a Pre-Con Deal wit...2025-03-0830 minDebt Free in 30Credit Card Habits Leading to Debt? Expert Advice for CanadiansCanadian credit card debt is surging! Many people are feeling the squeeze of rising costs, stagnant wages, and mounting unsecured debt. This crucial episode offers timely financial guidance on improving credit card habits (which you may not realize are hurting your finances!) and effectively managing debt. FREE Credit Rebuilding Course (0:00) – Credit Cards Are Now the Norm, Should They Be? (4:00) – What minimum purchase amount should you charge to credit? (5:45) – The biggest problem with credit cards (7:20) – Everyone knows about interest- why do people use credit regardless? (9:00) – The positives of using credit cards (11:00) – Paying off one credit card with another...2025-03-0130 minDebt Free in 30Canadian Debt Is Surging – Concerning Trends from Joe Debtor 2024 Canadians are being crushed by debt—and we have the data to prove it. In this exclusive episode, Hoyes Michalos co-founders Doug Hoyes and Ted Michalos break down the findings from the 2024 Joe Debtor study, Canada’s leading consumer insolvency report. Our research reveals how rising debt levels are impacting Canadians like never before. From millennials facing record-high debt to homeowners running out of options, we analyze the trends, why they matter, and what the average insolvent Canadian looked like in 2024. You won’t hear this anywhere else—tune in for expert insights from Can...2025-02-1531 minDebt Free in 30The Truth of Credit Card Rewards – They're Costing You Are credit card points and rewards as beneficial as they seem, or are they secretly costing you more than you realize? Doug Hoyes and Ted Michalos discuss the truths behind credit card reward systems, revealing how spending habits, annual fees, and high-interest cards may affect your financial health. Learn how credit card companies use your data, the psychology behind reward marketing, and whether these points and rewards are worth it in the long run. (0:50) – Have you changed your spending habits to earn credit card rewards? (1:45) – The history of credit card rewards: How they started and...2025-01-1829 minDebt Free in 30How to Stay Motivated While Paying Off Debt Struggling to stay motivated while repaying debt? You're not alone! Charlie Kovacs, BIA Insolvency Counselor with Hoyes Michalos, joins Debt Free in 30 to share practical strategies to help you stay focused, celebrate small victories, and shift your mindset from guilt to empowerment. Whether juggling student loans, tackling "life quakes," or just figuring out how to prioritize debt, this episode offers expert advice to keep you on track. Sign up for the monthly Debt Free Digest HERE Hoyes Michalos Instagram Hoyes Michalos Facebook Hoyes Michalos TikTok Hoyes Michalos...2024-11-2332 minDebt Free in 30Good Debt vs Bad Debt: How to Know When Debt is Smart or Risky Is all debt bad, or can borrowing sometimes be a smart financial move? Doug Hoyes and Ted Michalos discuss debt’s dual nature as both a financial tool and a potential burden. They break down the differences between "good debt" and "bad debt," providing clear advice on assessing what's manageable, when taking on new debt might be a smart move, and how to avoid common pitfalls. Tune in for actionable insights on leveraging debt without letting it control your financial future! Timestamps: (0:00) – Conventional advice on “good debt” and “bad debt” (4:30) – Understanding y...2024-10-1929 minDebt Free in 30528 – Illegal Debt Collection Tactics: Know Your Rights (ft. Blair DeMarco Wettlaufer) Back by popular demand: Canadian credit collector Blair DeMarco Wettlaufer! Even if you’re not currently dealing with prohibited debt collectors, this eye-opening episode is captivating and informative. Learn about your rights as a Canadian consumer, the tactics some creditors use to pressure debtors, and how to protect yourself from unethical and illegal debt collection practices. Covering key topics such as re-aged debt, prohibited collection methods, and how technology is transforming the debt collection industry. Whether you’re managing debt or simply want to be informed, this episode provides essential knowledge to help safeg...2024-10-1234 minDebt Free in 30What Canadians Need to Know About Credit RepairIs credit repair a scam? Learn the truth from experts about repairing damaged credit, understanding credit scores, and managing debt. Doug Hoyes and Ted Michalos explain essential topics like credit utilization rate, responsible credit card usage, and when you should worry about your credit score. Whether you’re working to rebuild your credit or aiming to maintain a healthy score, this episode is full of practical advice on credit and debt management for all Canadians. Timestamps: (0:00) Humorous introduction: Doug Hoyes and Ted Michalos on modern credit (2:00) Should yo...2024-09-2830 minDebt Free in 30525 – Why it’s so hard to get out of debt: Family Pressure, Debt Fatigue and Finding Professional HelpDoes it feel impossible to make any progress with your debt? Getting out of debt is a battle against high interest rates, financial traps like payday loans, and the emotional toll that debt takes on your mental health. Doug Hoyes and Ted Michalos explore the hidden factors that keep you stuck, from the predatory lending practices that pile on to your balance to the family pressures and stress that make it harder to break free. Learn how to stop the cycle of borrowing and why ignoring debt only makes things worse. Discover the tools available to help...2024-09-2132 minDebt Free in 30524 – Entrepreneur by Necessity: Business Advice with David Barnett Thinking about starting a side hustle or going out on your own? Whether you're a seasoned entrepreneur or a first-timer, this insightful episode with author and business expert David Barnett is packed with valuable advice. David returns to Debt Free in 30 to delve into starting or buying a business out of necessity. Discussing the importance of market research—when it’s needed and not—along with creative strategies for securing funding when resources are scarce. He also provides practical guidance on starting with limited or no capital, and the types of businesses that align with your abilities, financ...2024-09-1434 minDebt Free in 30523 – Rising Costs, Stagnant Wages: Practical 2024 Guide for Canadians Welcome to Season 11, unofficially deemed our *practical* era. Are your expenses outpacing your income? With inflation rising and wages lagging, many Canadians are feeling financial strain. Doug Hoyes and Ted Michalos discuss why government stats might not tell the whole story, why lowering interest rates won’t solve everything, and share practical advice for anyone struggling to keep up with debt. Timestamps: (0:00) Spending More, Not Making More? Hilarious Season 11 Premier with Doug Hoyes and Ted Michalos (1:00) How Different Groups Have Fared from 2019 to Now (3:00) Discrepancies in Government Stats: Inf...2024-09-0724 minDebt Free in 30Expert Insights on Getting Out of Debt (Compilation)Explore essential financial topics and practical advice to overcome debt and achieve financial stability. If you’re struggling with high-interest debt, considering installment loans, or exploring mortgage refinancing, this compilation video offers valuable tips and actionable advice. Financial expert Doug Hoyes, co-founder of Hoyes Michalos, and his guests provide insights into effective debt management strategies, including the benefits and pitfalls of various financial tools and methods. Discover expert guidance on avoiding high-interest traps, practical steps for debt repayment, and effective strategies for reducing debt. Timestamps: 0:00 Understanding Debt: What You Need To Know 2:55 What Are Installment Lo...2024-08-1736 minDebt Free in 30How Food Inflation has Affected the Food BankDoug is joined by Kim Wilhelm, CEO of the Food Bank of Waterloo Region. Together, they talk about the various programs available to the local community in need of food. They discuss the impact cost of living has had on the food bank, issues of food inflation and food insecurity, changes in demand since the pandemic, ways to donate, and how those in need can access food. Time Stamps: 00:00 Introduction 01:30 Food assistance programs 02:41 Hunger count 06:56 Food insecurity 08:13 How has the demand for the food bank changed since...2024-06-0835 minDebt Free in 30Hidden Costs of Buying a Home - Surprise Home Ownership ExpensesJoin Doug and Ted as they uncover the hidden costs of home ownership that often surprise new homeowners. From maintenance and repairs to rising interest rates and potential job loss, they discuss real-life examples and offer practical advice on deciding whether to buy a home, mitigating risks, and estimating unforeseen costs. Plus, they break down the costs of renting versus buying in today's market. Don’t miss this informative discussion on the true cost of owning a home. Time Stamps: 00:00 Introduction 01:20 Mortgage vs rent payments 03:31 Upfront costs of purchasing a home...2024-06-0100 minDebt Free in 30Should I Buy or Rent a Home? What Makes Sense in Today's Market Should you buy a home or rent in Canada? We look at the risks and expenses involved when it comes to purchasing a home. From the unpredictable market trends to steep mortgage penalties and ongoing maintenance costs. As we weigh at the pros and cons, this episode may make you rethink your views on homeownership, not only as an investment but as a consumer choice. Could renting be the smarter choice in 2024? Watch the episode now to find out. Time Stamps: 00:00 Introduction 01:00 Reasons you should own a home 03:38 Is a mortgage a...2024-04-1330 minDebt Free in 30Habits and Your Financial HealthIn this episode, Maureen and Doug explore financial habits and discuss why we spend the way we do and how we can make better choices. Maureen shares how habits form and how you can be influenced to spend money. From understanding the psychology behind spending to learning strategies for breaking bad habits and building good ones, this episode will give you tools to take charge of your finances and break bad habits! Related Links: Maureen Parent - https://www.hoyes.com/about-hoyes-michalos/bankruptcy-trustees/maureen-parent/ Learn Price Matching Tips on the Flipp A...2024-02-1733 minDebt Free in 30Credit Card Balances Lead Many to Bankruptcy: 2023 Joe Debtor StudyIn this episode, Doug Hoyes and Ted Michalos discuss the annual Hoyes Michalos Joe Debtor Bankruptcy Study for 2023. They talk about why credit card debt is driving consumer insolvencies, challenges faced by homeowners, and why we are seeing an increase in insolvencies among higher-income individuals. For more information, you can access the detailed report at joedebtor.ca. Related Links: Hoyes Michalos Joe Debtor Bankruptcy Study: www.joedebtor.ca Office of the Superintendent of Bankruptcy – Canadian Consumer Debtor Profile – 2021: https://ised-isde.canada.ca/site/office-superintendent-bankruptcy/en/statistics-and-research/canadian-consumer-debtor-profile-2021 Credit Card Debt is a Pr...2024-02-1030 minDebt Free in 30Learn Price Matching Tips on the Flipp App to Save Big on Groceries In this episode, Doug chats with Janette Martin, a Credit Counsellor at Hoyes Michalos. Janette shares her tips on saving money while grocery shopping, focusing on the Flipp app. They discuss using the app to review online flyers, price matching across various stores, the checkout process, potential savings and time commitments. They also touch on the pros and cons of using the app for smarter shopping. Additionally, Janette also explains the rebate app Checkout 51. Enjoy! Related Links: Flipp: https://flipp.com/ Checkout 51: https://www.checkout51.com/ Jannette Martin: https://www.hoyes.com/a...2024-02-0335 minDebt Free in 30Mastering Solo Finances: Navigating the 'Single Tax' with Heather CudmoreDoes the cost-of-living soar when you're flying solo? Join Doug in this episode as he's joined by Heather Cudmore, a Certified Credit Counsellor, and Client Service Specialist at Hoyes Michalos. Together, they delve into the concept of the 'single tax' and discuss the unique financial hurdles that singles often encounter. Drawing on her extensive experience assisting single clients, Heather shares valuable insights and practical advice. She discusses the importance of building an emergency fund to navigate unexpected life events and advocates for budgeting to uncover potential savings. From housing and transportation to entertainment, pets and food, Heather p...2023-12-1631 minDebt Free in 30Debt Duel: Snowball vs. Avalanche with Joel SandwithIn this episode, Doug sits down with Joel Sandwith, a Licensed Insolvency Trustee based at the Hoyes Michalos London office. Together, they explore effective debt management strategies and delve into optimal approaches for debt repayment. The episode provides a comprehensive comparison of the snowball and avalanche methods. If you're trying to figure out the best way to pay off your debts, this episode is a helpful guide. It's here to support you on your journey to financial freedom, giving you insights into different methods and assisting you in selecting the one that suits you best. Re...2023-12-0930 minDebt Free in 30Is University Worth All The Debt?Higher education isn’t getting any cheaper. The cost of going to university has more than tripled since the 1990s and we see first-hand the financial burden caused by student loans. So, is it still worth it to get into debt for post-secondary schooling? With so many advancements in free online education, aren’t there cheaper alternatives? When is college the better option? Is an undergraduate degree still going to give you a job right away? Tune in to this discussion with Ted Michalos and Doug Hoyes as they share graduate statistics and give practical advice on how to thin...2023-09-0934 minDebt Free in 30REBROADCAST - How to Earn More Money Without a Second JobToday we rebroadcast episode #448. Most money experts will tell you that the best way to avoid money problems is to cut costs. And they’re right. But what about also increasing your income? After all, you can only cut so much. We have seen a lot of people struggle with rising living costs, with a limited income, and needing debt to make ends meet. On today’s podcast, Doug Hoyes and Ted Michalos discuss strategies for earning a higher pay without needing to do a side hustle or second job. They also explain when it’s best to go...2023-08-1232 minDebt Free in 30Top Credit Repair Questions (& Fears) Answered!We know it can be daunting to start your credit repair journey. We are often asked where to begin and what is the fastest way to rebuild. On today’s podcast, Maureen Parent is back to answer some of the most common credit rebuilding questions and address fears and misconceptions about repairing your credit. Tune in for lots of great practical advice and recommendations on which tools to use. Related Links: Free Credit Rebuilding Course by Hoyes Michalos: https://courses.hoyes.com/courses/rebuild-credit How to Repair and Rebuild Cred...2023-06-2431 minDebt Free in 30Why You May Need More Than One Bank AccountWhile bank failures are not a common occurrence in Canada, it may still be in your best interest to have more than one bank account. On today’s podcast, Joel Sandwith, our LIT in London, joins Doug Hoyes to discuss banking best practices, including how many accounts you should have, where to store your savings, and why it’s important to understand the right of offset if you owe your bank. They also explain how deposit insurance works and high-interest savings accounts. Tune in for an informative discussion and practical advice! Links: Why You Should Bank...2023-06-1029 minDebt Free in 30Is Your Emergency Fund Good Enough For Any Crisis?Everyone says you need an emergency fund. But how much is enough? And what is an emergency vs. an inconvenience? Where should you store your savings? Enter Maureen Parent. Maureen returns to share lots of practical advice on how to setup a realistic system to create your emergency fund. She also explains how much you should have saved at different stages, the types of emergencies to prepare for, and why credit cards and lines of credit are not good rainy day fund tools to rely on. Tune in for lots of great tips! Links: Build...2023-05-2030 minDebt Free in 30Is Raising Your Credit Limit a Bad Sign?Say your bank offers you a credit limit increase. You may be tempted to take it, but should you? When is seeking more credit a sign that your finances aren’t in good shape? On today’s podcast, Mark Borysiak, our LIT in Barrie, joins Doug Hoyes to discuss just how much access to credit you should have and why getting an increase can cause debt problems. Mark and Doug also explain why the banks offer credit increases in the first place and why it’s good to first evaluate your finances before taking on any offers. Tune in for a...2023-05-1331 minDebt Free in 30Minimum Debt Payments Going Up - What Do You Do?According to TransUnion, the average credit consumer with a balance in Canada saw a 10% year-over-year increase in their minimum monthly debt payments in Q4 2022. If your minimum payments start going up, what should you do? What if they already have? On today’s podcast, Maureen Parent returns to discuss why minimum payments increase in the first place, and practical advice on how to get ahead of them. Maureen and Doug also share specific tips for you to negotiate with your credit card company to possibly reduce your debt costs. Tune in for a great discussion! Related Links:...2023-04-2230 minDebt Free in 30How to Earn More Money Without a Second JobMost money experts will tell you that the best way to avoid money problems is to cut costs. And they’re right. But what about also increasing your income? After all, you can only cut so much. We have seen a lot of people struggle with rising living costs, with a limited income, and needing debt to make ends meet. On today’s podcast, Doug Hoyes and Ted Michalos discuss strategies for earning a higher pay without needing to do a side hustle or second job. They also explain when it’s best to go back to school to increa...2023-04-0132 minDebt Free in 30Why Owing Tax Debt Is So Much Worse in 2023The last three years have been quiet for Canada Revenue Agency collections. But that has started to change in 2023 – which is bad news for Canadian borrowers already struggling with inflation and record rate hikes. On today’s podcast Scott Terrio and Doug Hoyes breakdown how CERB, CRB, and CEBA loan repayments have impacted Canadians and small business owners, why 2023 is especially concerning for indebted households, and what stronger CRA collections mean if you owe tax debt. They also outline options for dealing with the CRA to avoid a headache. Tune in for an insightful discussion! Links...2023-03-2533 minDebt Free in 30Half of All Bankruptcies Filed by Millennials – Why? [New 2022 Study]We just released our 2022 Hoyes Michalos Consumer Insolvency Study which found that 49% of all insolvencies are now being filed by Millennials. Millennials were the only age demographic to see a rise in their unsecured debt obligations last year. On today’s podcast, Doug Hoyes and Ted Michalos explain why Millennial insolvencies are rising. They also discuss another alarming trend from our study – the growth in Rapid Loan (high-cost payday and installment loan) usage. Tune in for a great discussion! Links: Hoyes Michalos Consumer Insolvency Study 2022: https://www.hoyes.com/press/joe-debtor/ Rapid Loans & Inso...2023-02-1831 minDebt Free in 30How To Manage Your Money in a CrisisAmid layoff announcements and rising cost of living, you may be feeling like you’re in a crisis or about to face one. What do you do? And what should you avoid doing? How can you manage your financial health when your stress levels are at an all-time high? Enter Maureen Parent. On today’s podcast, Maureen gives lots of practical advice along with dos and don’ts of dealing with job loss, high food costs, and managing your bill payments when money is tight. Tune in for an inspiring discussion! Links: Five Tips to Surviv...2023-02-1131 minDebt Free in 30Why Are Consumer Insolvencies Back Up? [Year-End Analysis + 2023 Predictions]Both consumer debt and insolvencies have turned sharply upward again. What’s contributing to this shift? Are record-high interest rates to blame? Inflation? Or are we just picking up where we left off pre-pandemic? Doug Hoyes and Ted Michalos are back with our year-end analysis and predictions podcast. They discuss the top statistics from 2022 that help explain what’s happened with bankruptcies this year and give their predictions for what’s the come in 2023. Tune in for a great discussion! Sources & Related Links: Top 10 Debt Statistics for 2022 & What’s Ahead for Consumer Insolvencies: https://www.hoyes.co...2022-12-3138 minDebt Free in 30How to Have an Affordable Christmas This YearThe price of everything has shot up. Christmas is going to be much more expensive this year because of record inflation… but does it really have to be? How can you avoid overspending this holiday season? The key is to start early. On today’s podcast, Heather Cudmore, Certified Credit Counsellor at Hoyes Michalos joins Doug Hoyes to give practical advice on how to approach Christmas spending with your family to make it affordable, while keeping creativity and fun in the picture. Tune in! Links Mentioned in the Show: What’s The Poin...2022-11-0531 minDebt Free in 30SPECIAL: What’s The Point of Financial Literacy Today?It’s that time of the year again – Financial Literacy Month (2022). Is there any point to it? Is Financial Literacy Month just an excuse for the Big Banks and credit card companies to market more debt to you? Doug Hoyes has some thoughts he’d like to share with you regarding today’s economy, how it’s impacting Canadians, and what you can do. #financialliteracymonth #FLM2022 #finlit #housing #personalfinance #recession #costofliving #debtrelief #debtsolutions #economy Links: Doug Hoyes on Twitter: https://twitter.com/doughoyes Hoyes Michalos website: http...2022-11-0105 minDebt Free in 30How Debt Consolidation Becomes the ‘Never, Never Plan’Did you know that bankers often refer to debt consolidation loans as a ‘never, never plan,’ meaning the borrower will never become free of their debts? This may sound odd since consolidation loans often make total debt cheaper to service through a lower interest rate. But banks know how to keep their clients with just the right amount of debt to continue profiting from interest charges. On today’s podcast Ted Michalos and Doug Hoyes break down just how exactly banks keep their customers in a ‘never, never plan,’ and offer practical advice to help borrowers actually eliminate their debts. Tun...2022-10-0830 minDebt Free in 30Running Short on Cash. What Payments Can You Skip? (If Any)With record inflation, many people are feeling the pinch, and we’ve even been asked if it’s possible to skip a bill or two just to get to the next month. Well, on today’s podcast, we’re addressing this exact question. Which bills can be skipped, if any? Which ones should you absolutely pay? Can you delay paying your rent? And if so, how should you approach this? What about car payments, taxes, credit cards, or other loans? Maureen Parent returns on the podcast with lots of practical tips to survive these trying times. Tune in. Links...2022-10-0134 minDebt Free in 30Rising Rates, Callable Debts, Tighter Credit & What They Mean For YouWe’ve now had our fifth interest rate hike in 2022 alone. Mortgages are costing more to service. And so are callable debts – which are debts that can have their repayment terms changed whenever at the lender’s discretion. On today’s podcast guest Scott Terrio returns to discuss how rising rates are putting more homeowners at risk of serious debt issues and even insolvency, especially as credit tightens. Scott also explains what callable debts are, how they work, and the dangers of carrying high balances on them when rates are rising. Scott and Doug also share lots of practical advice t...2022-09-1733 minDebt Free in 30The Government Wants to Fight Predatory Lending. What Could Go Wrong?The Criminal Code of Canada says that it’s a criminal offence to charge an interest rate of more than 60%. The federal government is considering lowering that rate. Is this a good idea? What could go wrong? On today’s podcast, Ted Michalos returns to discuss whether this plan by the Government of Canada will make any meaningful difference, and what the unintended consequences of the proposal may be. Doug and Ted also share their four recommendations to the Government to better protect consumers when it comes to usury laws. Please note that the government will be accepting your comm...2022-09-1034 minDebt Free in 30REBROADCAST - Protect Yourself from Job Loss with These 3 TruthsIt’s our final rebroadcast episode of the summer, and today we rebroadcast episode 400 of the Debt Free in 30 podcast and Doug Hoyes shares his wisdom on how to protect yourself against job loss. If the pandemic has taught us anything it’s that no job is secure. So, what can you do to avoid getting financially burned if you’re out of work? If you’re unhappy with your job, should you switch? What’s the smartest way to go about making a change? On today’s podcast Doug discusses three basic work truths and lots of practical advice you s...2022-08-2723 minDebt Free in 30High Home Equity, But Can’t Refinance - How to Deal with Debt?What options do homeowners have when they’ve got a lot of home equity and a lot of unsecured debt, but the bank won’t let them refinance by borrowing against their home? On today’s podcast, Ted Michalos and Doug Hoyes explain why homeowners often carry so much more debt than non-homeowners, how to deal with your unsecured debts whether refinancing is an option or not, and how an insolvency filing can affect your home. Given today’s economic situation, this may sadly be a reality for many homeowners in the months and years to come. Tune in for lots...2022-07-1633 minDebt Free in 30Why Are We Afraid to Talk About Debt?We often meet with clients who have struggled with their debt for a lot longer than they needed to. This is often because they feel embarrassed or ashamed to ask for help. But why do we struggle so much to talk about our financial situation? On today’s podcast, Maureen Parent, LIT in our Kanata office returns to give insight as to why we are so afraid to talk about debt. Maureen and Doug draw from their years of experience helping clients and share lots of practical advice to help you overcome the fear of talking debt. Tune in!...2022-07-0938 minDebt Free in 30Should You Ever Borrow Money to Invest?One of the most common borrow-to-invest strategies is to take money from your home equity to purchase an investment property. But is this always a good idea? What if you borrow to invest in the stock market instead? Is that riskier? Is it ever OK to take on debt to invest or is it something you should never do? On today’s podcast, Ted Michalos and Doug Hoyes walk you through how to decide when you are ready to invest, the three ways to invest in stocks, what risks are, and the general dos and don’ts of using your...2022-07-0229 minDebt Free in 30What’s the Economy Doing to People in Debt?2022 has so far brought rapidly declining real estate prices, record high gas and food prices, and rising interest rates. It’s looking to be a perfect financial storm. So how are all these variables impacting indebted Canadians? On today’s podcast, Scott Terrio, Manager, Consumer Insolvency at Hoyes Michalos, returns to discuss what he’s seeing from individuals struggling with debt, borrowing trends, and the role inflation is playing in household budgets. Scott and Doug also share their thoughts on why homeowner-driven insolvencies may rise soon and give practical advice for what to do if you’re dealing with problem...2022-06-2533 minDebt Free in 30Where Are We Now? Recession? Will It Get Worse?We’re facing massive inflation with more and more people turning to debt to make ends meet. Bankruptcies are still at record lows, but perhaps not for much longer. On today’s podcast, Doug Hoyes and Ted Michalos give us an update on what’s going on now and how the rising cost of living is impacting our wallets. They also explain why someone would ever need to file bankruptcy by providing some realistic scenarios that lead one to financial trouble. Doug and Ted also share their predictions for what’s to come and give lots of practical advice for how...2022-05-2831 minDebt Free in 30Protect Yourself from Job Loss with These 3 TruthsIt’s episode 400 of the Debt Free in 30 podcast and Doug Hoyes shares his wisdom on how to protect yourself against job loss. If the pandemic has taught us anything it’s that no job is secure. So, what can you do to avoid getting financially burned if you’re out of work? If you’re unhappy with your job, should you switch? What’s the smartest way to go about making a change? On today’s podcast Doug discusses three basic work truths and lots of practical advice you should understand to help you navigate the employment world. ...2022-04-3023 minDebt Free in 30Can You Divide Debt in a Divorce?More than 1 in 5 of our clients, people who file a bankruptcy or consumer proposal with Hoyes Michalos, are separated or divorced at the time they file with us. So, what happens when you have debt and are facing divorce? Can you divide debt in a separation agreement? What if it’s joint debt? On today’s podcast, Doug Hoyes and Ted Michalos explain how debt is managed when couples are facing separation and financial issues. They explain when it may be necessary for both parties to file insolvency if they have joint debt. They also discuss alimony, child support payments, and...2022-04-1630 minDebt Free in 30Are Bankruptcy Rules in Canada Unfair?When you go bankrupt in Canada, you have to make a payment into your estate, for your creditors. This is called a surplus income payment. But are surplus income limits out of touch with today’s cost of living realities? How can it be fair that someone living in a major city like Toronto or Vancouver must pay the same amount into a bankruptcy as someone living in a small town, with lower living costs? On today’s podcast Doug Hoyes and Ted Michalos discuss the issues of surplus income payments, how debtors can make informed financial decisions before fili...2022-04-0233 minDebt Free in 30Back to Work in the Office – What’s the Cost?After two years of working from home, many people are being called back to work in the office. But since 2020, costs, like gas, have soared. How much more expensive is it going to be to go back to the office? Is it a good idea to look for another job that offers remote work instead? What are the risks to that? On today’s podcast, Doug Hoyes and Ted Michalos discuss which costs are now higher, who is more likely to be adversely affected, the potential risks of changing jobs, and give advice on how to cope financially. Tune in! ...2022-03-2633 minDebt Free in 30How to Say No When Someone Asks for Financial (Debt) Help [Panel Discussion]We often want to help friends and family financially when they ask for help. But sometimes that help leads to financial problems for us (like co-signing a loan and ending up having to pay it!). How do you say no without seeming harsh or unhelpful? On today’s podcast, we have a panel discussion with Scott Schaefer, LIT Maureen Parent, LIT and host Doug Hoyes, with a special appearance by Ian Martin, LIT, sharing cautionary tales of financial help backfiring on their clients. They also explain why we find it so hard as human beings to say no to giving he...2022-03-1931 minDebt Free in 30What Issues Do Women in Debt Face? [Panel Discussion]Our latest bankruptcy study revealed that the average female debtor's unsecured debt increased 6.5%, while her male counterpart only had a 0.7% increase in his unsecured debt load in 2021. Why is this? What are specific issues that women in debt face? On today’s podcast, we have an all-female panel of Trustees, who share their insights from client interactions, as well as personal experiences. They discuss why women have less take-home pay compared to men; share advice on how women can advocate for themselves in the workplace; discuss the pink tax and its effect on spending, and much more! Tune in fo...2022-03-0537 minDebt Free in 30390 – Tax Debts and Student Loans Drive 2021 Bankruptcies – Tsunami Coming?The Hoyes Michalos 2021 Joe Debtor Bankruptcy Study revealed that insolvent Canadians owed the highest level of unsecured debt since 2016. In 2021, the average insolvent debtor owed $50,484 in unsecured debt, with income tax debt and student loans driving insolvency filings. On today’s podcast, Doug Hoyes and Ted Michalos explain why this is just the tip of the iceberg and that student loans and tax debt balances are likely to go even higher in the future, along with other consumer debts. Doug and Ted also discuss other key findings from our Joe Debtor 2021 study. Tune in! Links: Hoyes Michalos An...2022-02-1930 minDebt Free in 30389 – Getting Paid Earlier Might Not Help Your BudgetWe know how hard it can be to live paycheque to paycheque or not have money available when a bill payment is due. Fintech is also recognizing this issue and developers have now created what’s called ‘early wage access’ or ‘pay advance’ apps. But are these apps really a good idea? Will getting paid sooner fix a cashflow problem or will it create more budgeting issues? How should you actually deal with a lack of income? Tune in to today’s podcast as Doug Hoyes and Ted Michalos discuss these apps, their risks, and what to do instead to budget su...2022-02-1225 minDebt Free in 30Ontario Debt Experts Discuss What’s Happening Right NowFor the first time ever on Debt Free in 30, we’ve gathered some of our Licensed Insolvency Trustees from across Ontario to share what they’re seeing on the ground. How has the pandemic impacted indebted individuals? Has the vaccine mandate affected jobs and income? How is Canada Revenue Agency handling consumer proposals? All these questions answered and more, with insights from our Barrie, Mississauga, Oshawa, Cambridge/Brantford, Scarborough/Markham, Windsor, Kanata/Ottawa, and London area experts. Tune in for a great discussion. Related Links: Hoyes Michalos Homeowner's Bankruptcy Index: https://www.ho...2022-01-2239 minDebt Free in 30Predictions for Consumer Debt Coming Out of the Pandemic2021 was an interesting year for Canadian consumer debt. Insolvencies remained at record lows and many people were able to pay off their credit cards. But will these trends continue? On today’s podcast, Doug Hoyes and Ted Michalos review what happened with consumer debt, insolvencies, and savings in 2021 and, provide their predictions for what’s to come in 2022. With government income supplements winding down, collections activity starting again, and limitations periods near expiry, the new year should be interesting, to say the least! Tune in for their analysis. Links: Debt Statistics: What H...2022-01-0134 minDebt Free in 30Will Housing Ever Be Affordable? with Ben RabidouxThe price of the average home in Canada increased by a record $147,000 compared to last year. Is housing going up forever? How are first-time home buyers supposed to enter such a hot market? On today’s podcast, Ben Rabidoux, founder of North Cove Advisors and Edge Realty Analytics, returns with his insights on the Canadian housing market and predictions for 2022. Ben also gives his thoughts on inflation, the impact on consumers if interest rates go up, and whether consumer debt levels will rise substantially in the coming months. Tune in for a great discussion! Links Men...2021-12-0437 minDebt Free in 30Should You Help Your Child Get a Mortgage? with Ron ButlerAccording to an October 2021 CIBC report, the average down payment gift from a parent to their child has risen to a record high of $82,000. But while most of these gifts are cash savings, and not debt, is it still wise to gift your child a down payment for their first home? Could there be repercussions and if so, what? On today’s podcast, mortgage broker extraordinaire Ron Butler, gives first-hand insight into the rise of down payment gifts for first-time home buyers and discusses the increase in co-signers on mortgages. Ron also explains whether an interest rate hike will af...2021-11-1338 minDebt Free in 30Your Top Collections Questions Answered by a Debt Collector!You asked. We answered. On today’s podcast guest Blair Demarco-Wettlaufer, CEO of Kingston Data and Credit (a collection agency), returns to answer your most pressing debt collection questions, like whether a collection agency can add interest to your debt or force you to file bankruptcy. Blair also discusses whether you should even bother with collectors if the debt isn’t listed on your credit report and many, many more of your questions! Tune in for lots of great practical advice. Resources: Blair Demarco-Wettlaufer on Twitter: https://twitter.com/kdcblair Blai...2021-10-2340 minDebt Free in 30Do You Even Need a Physical Bank Anymore? (Bricks & Mortar or Virtual Bank?)Do you need a physical bank? Or are you better off using a virtual bank instead? On today's podcast, guest Scott Terrio and host Doug Hoyes do a deep dive on what to consider when choosing banks, including some recommendations for no-fee accounts, why you should switch banks entirely if you're filing a bankruptcy or consumer proposal, and how to protect yourself from the bank's right of offset. They also discuss why Canadians are so attached to their banks in general and how the banker-customer relationship has changed over the years and why that matters. There's tons of practical...2021-10-1637 minDebt Free in 30Canadian vs. US Bankruptcy: Fresh Start vs. Harsh Penalty?We Canadians consume a lot of American media, so it’s possible that the ideas we have about bankruptcy are actually what happens to indebted individuals in the United States, and not the Canadian reality. On today’s podcast, Doug Hoyes and Ted Michalos explain how bankruptcy in Canada is a rehabilitative and supportive process, with limited barriers. They address common fears and misconceptions and give insight on why filing bankruptcy is so much simpler in Canada than it is in America. Tune in for a great discussion! Links: Free Credit Repair...2021-09-2529 minDebt Free in 30Why Credit Card Debt Fell During the Pandemic, and Will it Rise Again?Canadians with the lowest credit scores paid down their credit cards the most since the pandemic started. Incredible, right? So, will this downward trend in debt continue? Or is this temporary because most of us are still at home and collections activity is slim? Today we review the latest debt statistics and discuss why Canadians are paying off so much debt, who’s actually taking on more debt, and whether borrowing will rise again in the near future. We also share practical advice for managing debt and what to do if you owe the CRA. Tune in for a li...2021-09-1136 minDebt Free in 30How Not to Get Scammed by a Debt ConsultantUnlicensed and unregulated debt consultants prey on vulnerable, indebted Canadians. They say they can eliminate your debt, but all they really do is charge you a big fee and then refer you to a Licensed Insolvency Trustee to file a consumer proposal. On today’s podcast, Ted Michalos and Doug Hoyes discuss how debt consultants work, how to prevent yourself from getting scammed by them, and provide their recommendations on how this unregulated industry should be eliminated. Tune in for a great discussion! Additional Links: Podcast 220: The Cold-Hard Truth About Unlicensed Debt...2021-07-3132 minDebt Free in 30What Causes People to File Bankruptcy?There are a lot of misconceptions about why someone files for bankruptcy in Canada. Did they spend too much? Were they reckless or irresponsible? The truth is debt problems can happen to anyone at any time and when they least expect it. On today’s podcast, Doug Hoyes and guest Ted Michalos share stories and dig deep into how the debt trap often starts for individuals and dispel common myths surrounding why Canadians face insolvency. They also share practical advice for anyone struggling with debt. Tune in! Links: Hoyes Michalos Study: Bankruptcy Causes in Canada: ht...2021-05-2227 minDebt Free in 30Warning Signs You Have Too Much Debt. Knowing When to FoldIt can be hard to know that you’ve reached a tipping point with your debt, especially when you’re keeping up with minimum payments. So, when do you know that it’s time to fold? On today’s podcast, Ted Michalos and Doug Hoyes explain key warning signs of a debt problem – from emotional stress to relying on credit to make ends meet. They also give practical advice on how to beat an endless debt cycle. Tune in! Related Links: Warning Signs You Have a Debt Problem: https://www.hoyes.com/blog/20...2021-04-2432 minDebt Free in 30Enrage to Engage: How the Media Misreports our Debt ProblemsAre half of Canadians really just $200 away from bankruptcy? No. But that does make a compelling headline, doesn’t it? Media outlets compete for our attention – it makes them money. But clickbait headlines about Canada’s personal debt (or any subject for that matter) shouldn’t be accepted at face value. Doug Hoyes and Ted Michalos explain how and why the media “enrages to engage” and they offer practical advice to help you navigate news stories to be better informed. Tune in! Related Links: Hoyes Michalos Bankruptcy Study: https://www.hoyes.com/press/joe...2021-04-1731 minDebt Free in 30Avoid These Common Mistakes That Can Sabotage Your BudgetYou have a budget, and you try to stay within it, but a lack of planning leads you to overspend. This is one of the most common ways people sabotage their own budgets. On today’s podcast, credit counsellor Diane Cunha and host Doug Hoyes discuss the common mistakes people make when budgeting – from using debt as an extension of income to paying too much for transportation. They also share advice for how to avoid making these mistakes so you can budget more successfully! Tune in for lots of practical advice. Helpful Links: ...2021-04-1033 minDebt Free in 30Predatory Loans: Stop Paying 39%, 49% and 59% on So-Called ‘Easy’ LoansPayday loans aren’t the only predatory loans out there. These days, several fintech companies offer ‘easy’ installment loans at high rates, ranging from 39% to 59%! On today’s podcast, Ted Michalos and Doug Hoyes explain how these loans work and what makes them predatory. Doug and Ted also discuss high-cost loan regulations, the changes the Government of Ontario is proposing, and give their two cents on consumer protections they believe should be implemented to help borrowers make informed financial decisions. Tune in! Helpful Links: Government of Ontario High-Cost Credit Consultation Paper: https://ww...2021-03-1329 minDebt Free in 30The Pandemic Debtor: Older and Going BankruptThe Hoyes Michalos 2020 Bankruptcy Study revealed that for the first time in four years insolvencies shifted back to an older demographic. The share of insolvencies among those 50 and older increased from 28% in 2019 to over 30% post-lockdown, while the share among younger generations declined. How did this happen? On today’s podcast, Ted Michalos and Doug Hoyes discuss how the pandemic changed insolvency trends, including who is filing bankruptcy, and what the numbers might mean to you. Tune in! Related Link: Hoyes Michalos 2020 Bankruptcy Study: https://www.hoyes.com/press/joe-debtor/2021-02-2026 minDebt Free in 30Buy Now Pay Later Apps – Is it Debt?Fintech has come up with a new way for making purchases online with Buy Now Pay Later apps. But is ‘buy now, pay later’ just another form of debt? Do these new apps actually help your budget or fast track financial problems? On today’s podcast, we have first-time guest and Hoyes Michalos LIT Jennifer Kwon who walks us through how these apps work, how they benefit from people using them, and she simplifies the terms and conditions so you know what you’re signing up for. And Doug Hoyes does the math to show much you’d really pay in intere...2020-12-0530 minDebt Free in 30How to Build an Emergency Fund if You Have DebtEvery financial guru says you need an emergency fund. But if you also have debt, is it possible to balance saving and paying down high-interest credit cards or lines of credit? What are the steps to get started? On today’s podcast, Diane Cunha, Certified Credit Counsellor at Hoyes Michalos discusses the different types of emergency funds, teaches us how to set aside cash even if we have debt, and gives tips on where to store our savings so they are easily accessible. Tune in to the show for lots of practical advice! Related Links: Credit a...2020-10-3133 min
Bill Kelly ShowFinances during the pandemic, Douglas Hoyes of Hoyes, Michalos & AssociatesThis week, a BDO report said that 2 in 5 people have worse finances now than before the pandemic. But that wasn’t the only piece of financial news: Gen Z are close to insolvency and that the “K shaped” recovery that Canada is facing right now has more low income earners facing major debt issues while others see theirs soar. How can people tackle their finances right now?
Guest: Douglas Hoyes, Hoyes, Michalos & Associates2020-10-1518 minDebt Free in 30CERB Transition to EI: What Does It Mean For Your Budget & Debt?The Canada Emergency Response Benefit (CERB) has now come to an end and is transitioning to four different financial aid programs: EI, CRB, CRSB, and CRCB. But what do these income supports mean for Canadians’ household budgets and debt repayment? Will they be enough to help Canadians still battling the financial effects of COVID-19? And which individuals no longer qualify to receive federal help? On today’s podcast, our guest is David Macdonald, Senior Economist at the Canadian Centre for Policy Alternatives (CCPA). David explains the financial impact of switching from CERB to these new aid programs. He walks us t...2020-10-1043 minDebt Free in 30Debt, Savings & Consumer Spending with Ted MichalosLast week, Doug Hoyes walked us through several key statistics, including insolvency filings, household savings rates, and loan deferrals. On today's show, he digs deeper into the 'whys' behind the numbers with guest Ted Michalos. Tune in as they give an update on why personal insolvencies are down and how much longer they expect filings will decline; They also discuss why savings rates are up and whether they will remain high; and why car sales have increased despite many people working from home. Doug and Ted also offer practical advice for managing your debt if you are still looking for wo...2020-09-1230 minDebt Free in 30Pandemic Update, and REBROADCAST: Debt Forgiveness: Is a Debt Jubilee the Answer?Millions of Canadians have received CERB (and may have a tax debt next year), and many Canadians have incurred and deferred debt to survive the pandemic. How will they repay that debt? First aired in May, today we have a new introduction and update, and then we rebroadcast our episode on an ancient concept that is getting a lot of new interest: a debt jubilee. Enjoy! Helpful Reads: Is A Debt Jubilee the Solution to Our Collective Debt Problem: https://www.hoyes.com/blog/is-a-debt-jubilee-the-solution-to-our-collective-debt-problem/ Insolvency Predictions Post COVID-19: https...2020-08-2928 min
Bill Kelly ShowCanadians are rethinking retirement plans & their finances due to the COVID-19, Douglas Hoyes of Hoyes, Michalos & Associates joined the Bill Kelly ShowAccording to a survey, 8 million Canadians are rethinking retirement plans and their finances due to the COVID-19 pandemic.
Guest: Douglas Hoyes, Hoyes, Michalos & Associates2020-08-0716 minDebt Free in 30Maternity Leave: Navigating Benefits and Preparing FinanciallyAs a new parent on maternity leave, you'll have a lot to do. The last thing you want is to worry about how you will make ends meet. On today's podcast, we have first-time guest and Hoyes Michalos Licensed Insolvency Trustee, Julie Wildman. Julie is a mother of two young children and recently returned from her second maternity leave. She outlines how expecting parents can prepare financially for the income drop that happens during mat leave, how to navigate the different benefits available in Canada such as EI and parental benefits, and how to budget for increased spending on childc...2020-07-1833 min
Bill Kelly ShowDebt crisis is looming, How can Canadian's be prepared - Douglas Hoyes of Hoyes, Michalos & Associates on the Bill Kelly ShowThere is a debt crisis due to the pandemic looming around the corner. How can Canadian households be prepared for this? Guest: Douglas Hoyes, Hoyes, Michalos & Associates2020-06-0816 minDebt Free in 30COVID-19 & Debt Update: What's Happening with Personal Insolvencies in OntarioWe've heard from the economists, statisticians, and politicians but what's really going on with everyday individuals and the state of their finances after several weeks of lock-down? On today's podcast Scott Terrio returns to talk about what he's seeing “on the ground”. How are people's stress levels? Are credit limits being reduced as a result of CERB? Who is calling in for debt help? Is there a rise in homeowner bankruptcies? Tune in for a lively discussion, including the answers to our Twitter followers' questions. Related Links: Ontario Bankruptcy and Consumer Propos...2020-05-1635 minDebt Free in 30Debt Forgiveness: Is a Debt Jubilee the Answer?Canadians are carrying a record level of debt, and while we are off work during the pandemic of 2020, many of us will pile on more debt. Small businesses and contractors will take on debt to pay rent while they generate little or no revenue. Consumers will take on additional debt to make their mortgage payment or pay rent, buy groceries, and pay for necessities. Unfortunately, much of this debt will be of the high-interest sub-prime variety. Payment deferrals may help in the short term, but will only add to the debt load post-COVID19. For some, the result will be a...2020-05-0924 minDebt Free in 30COVID-19 and Debt Update: Dealing With Your CreditorsThe Hoyes Michalos Team is working from home, so today’s podcast was recorded yesterday morning in my guest boardroom, so the sound quality isn’t studio quality, but we wanted to get the information out to you; here’s the rundown of today’s show, with time stamps: Dealing with Creditors during Coronavirus: https://www.hoyes.com/blog/dealing-with-creditors-during-a-financial-crisis-like-the-coronavirus/ 1:15 All HMA offices closed to in person meetings, but we are working from home by phone or video 2:25 Limitations Act of Ontario suspended – creditors have more time to sue you 3:40 Right of offset...2020-03-2847 minDebt Free in 30Dealing with Debt During COVID-19We normally record Debt Free in 30 weeks in advance, but today, given the rapidly changing situation, we decided to record a special COVID-19 episode. We discuss what is happening right now (all 22 Hoyes Michalos offices are closed for in person meetings, but our full team is available by phone and video conference), how COVID-19 will impact the finances of Canadians (“public facing” workers for small businesses will be hardest hit), we predict how this will impact the number of bankruptcy filings, we give our practical advice for dealing with collection calls, and we end the show with why, after we ge...2020-03-2134 minDebt Free in 30Today’s Bankrupt Debtor: 4 Key Debt Trends ExplainedOnce a year we crunch the numbers and release our annual Hoyes Michalos Joe Debtor Bankruptcy Study. It’s the only study that exists that looks at real numbers from actual people (it’s a study, not a survey) so every year it generates a lot of media attention. Today’s podcast is the only interview Ted and I do together on Joe Debtor, and we explain the four key trends we identified this year: Income are up (but not because our clients are getting big pay increases). Expenses are also up, so there is less cas...2020-02-1529 min
The Burn Your Mortgage PodcastBankruptcy, Consumer Proposals and Homeownership with Doug Hoyes of Hoyes, Michalos & Associates Inc.Doug Hoyes is the co-founder of Hoyes, Michalos & Associates Inc., one of Canada’s largest personal insolvency firms. In his thirty-year career as a chartered accountant and Licensed Insolvency Trustee, he has personally helped over 10,000 individuals solve their debt problems and rebuild their financial future.
He has appeared before the Senate Banking, Trade and Commerce Committee in Ottawa to give testimony on the impact of bankruptcy legislation on the individual, and serves as an OSB (Office of the Superintendent of Bankruptcy) Oral Board Examiner.
Doug is a passionate advocate for ensuring that people find the ri...2019-07-2135 minDebt Free in 30Millennials & Debt - No Room to ManeuverEvery year, we analyze information we collect about our clients to develop an updated profile of the average person filing insolvency. We call this person Joe Debtor. As the economy changes, so too does Joe Debtor. In 2014/2015 we warned that we were seeing an increase in the number of seniors filing bankruptcy. In 2017 we highlighted that, despite a robust economy, we were leaving people behind who were struggling on a lower than average household income and becoming insolvent because they were relying on debt to make ends meet. In 2018 we continued to raise concerns about the payday loan crisis...2019-03-2330 minDebt Free in 30What Happens in Bankruptcy Court?There's no need to worry. Bankruptcy court is not something that every bankrupt has to go to when they file for bankruptcy. If you complete all your duties and no one objects, you are automatically discharged from bankruptcy after the required period of time has passed, so there is no requirement to appear in bankruptcy court. In fact, this is the case for the vast majority of my clients. The only reason why you would have to appear in bankruptcy court is if your bankruptcy could not be automatically discharged, which happen if you did not pay...2018-07-1424 minDebt Free in 30153 – REBROADCAST: Everything you were Afraid to Ask About DebtAs we continue to rebroadcast our top downloaded shows this summer, today we replay our first ever Debt Free in 30 broadcast LIVE on video, over YouTube. The response was fantastic. We asked our listeners to leave us questions through sound clips, email, twitter and Facebook in advance of the show and took questions during the show. Doug Hoyes and Ted Michalos answered as many of those questions as we could during the webcast. We talked about debt, consumer proposals, car loans and mortgages. We even had a “celebrity” question. The full video is also available on the Hoyes...2017-08-0551 minDebt Free in 30134 – The Money Mindset of a Hoyes Michalos ClientOn Debt Free in 30 I interview many debt experts, but I don't often have the opportunity to speak with someone who has actually dealt directly with their own debt issues. We have conversations with clients every day, but it's very rare that one wants to open up about their story and help others from one debtor to another. My guest today is Dana Pharant. Dana operated a successful business that was doing more than a million dollars in sales. The business unfortunately experienced three major catastrophes, including a large customer stiffing her on the bill, and Dana...2017-03-2529 minDebt Free in 30130 – Yes, We Have A Payday Loan CrisisWe have a crisis and it's called payday loans. At Hoyes Michalos we believe payday loans are a real problem because all too often they create a vicious cycle of debt. We also don't believe that recent efforts by the Ontario Government have been enough to deal with the hidden truth behind payday loans: already indebted Ontarians are borrowing multiple payday loans, from multiple payday lenders at the same time, and this is contributing to a record rate of payday loan induced insolvencies. How we know this is because every two years we analyze data from actual in...2017-02-2535 minDebt Free in 30126 – News You Can Use – January 2017Welcome to a special edition of Debt Free in 30. This week, instead of featuring one industry expert we're giving you four (including myself, of course). In today's show our panel of experts will answer questions on four recent issues within the personal finance realm. Each expert brings something different to the table, which gives us a well rounded view at these issues from all angles. Today's guests are Barton Goth, a Licensed Insolvency Trustee. Barton is joining us today from Edmonton, Alberta where he owns and operates his firm Goth & Company. We have personal finance expert Robert B...2017-01-2828 minDebt Free in 30107 – LIVE: Everything You Were Afraid to Ask About DebtFor the first time ever Debt Free in 30 broadcast LIVE on video, over YouTube. The response was fantastic. We asked our listeners to leave us questions through sound clips, email, twitter and Facebook in advance of the show and took questions during the show. Doug Hoyes and Ted Michalos answered as many of those questions as we could during the webcast. We talked about debt, consumer proposals, car loans and mortgages. We even had a “celebrity” question. The full video is also available on the Hoyes Michalos YouTube Channel.2016-09-1751 minDebt Free in 3087 – What Happens if you stop paying your debts?Today I ask a question that generates a lot of debate on our Facebook page: what happens if you stop paying your debts? More specifically, what happens if you stop paying your debts and you are not in a consumer proposal or bankruptcy?
To help me delve deeper into this topic, Ted Michalos, my partner and co-founder of Hoyes, Michalos & Associates, joins me to discuss the various outcomes of not paying your debts.2016-04-3029 minDebt Free in 3078 – Ontario Bankruptcy Legislation Updates: The Execution Act & 407 ETRAt the end of 2015, updates and clarifications were made to existing Ontario bankruptcy laws that directly affect indebted consumers. On November 13, 2015 the Supreme Court of Canada put forth a ruling about the 407 ETR (a toll route in the Toronto area) concerning the treatment of 407 debts in a bankruptcy or consumer proposal. Another big change came on December 1, 2015, as the Execution Act in Ontario was updated.
On today’s show Doug Hoyes and Ted Michalos, co-founders of Hoyes, Michalos & Associates, Licensed Insolvency Trustees, discuss how the changes, as well as the Supreme Court's ruling, will affect Ontarians looking to de...2016-02-2729 minDebt Free in 3061 – Scary Debt StoriesAs a trustee in bankruptcy, I meet with people every day who are struggling to pay off their debt. In the finance world, it's not uncommon to hear shocking stories from clients about threatening calls from collection agents or how they got into debt in the first place. On today's show, I'm joined by Hoyes Michalos bankruptcy trustee, Howard Hayes, collection agent Blair Demarco-Wettlaufer, credit counsellor, Nicole Olsen from Fitness Financial in Windsor and bankruptcy trustee at Hoyes Michalos, Rebecca Martyn from our Windsor and Leamington offices to hear some of the scary stories that they've heard over the years.2015-10-3129 minDebt Free in 3056 – What Is A Consumer Proposal?It's been over seven years since the Canadian government made changes to the Bankruptcy & Insolvency Act (BIA) in Canada to make bankruptcy more expensive and to promote an alternative: a consumer proposal. Today they are more popular than ever because they have significant advantages over any other form of debt relief option in Canada. But since many still don't know a lot about what a consumer proposal is, we talk with Ted Michalos and Joel Sandwith, trustees at Hoyes Michalos, to answer some of the top questions about consumer proposals in Canada.2015-09-2628 minDebt Free in 3051 – BEST OF SHOW: Clean Up Your Debt MessFor the month of August we are rebroadcasting our most popular shows.
On today's rebroadcast we talk with Gail Vaz-Oxlade about how to build a repayment plan to deal with your debt before it reaches the tipping point. If however you find that you are looking at years and years to pay back your debt then you may need to consider other options.
We also talk with Ted Michalos, bankruptcy trustee and co-founder of Hoyes, Michalos about how a consumer proposal can help you get out of debt while avoiding the need to file for...2015-08-2228 minDebt Free in 3044 – 3 Common Questions About Bankruptcy with Joel SandwithToday’s guest is Joel Sandwith, trustee in bankruptcy and consumer proposal administrator at Hoyes Michalos working out of our London and Sarnia offices. Normally we broadcast an FAQ show on the last Saturday of the month, but we receive so many questions that are worth taking the time to answer that we decided to run an FAQ series during July; starting with this one. To prepare for this show Joel made a list of the most frequently asked questions that he receives from clients. The burning questions on everyone's mind focuses on credit rebuilding, what happens to a house when...2015-07-0428 minDebt Free in 3036 - Who is Joe Debtor?On today’s show Ted Michalos and Doug Hoyes discuss the just released Hoyes Michalos study: Joe Debtor: Marginalized by Debt.
Canadians do not appear to be worried about high debt levels. Interest rates are at record lows, and bankruptcy rates have declined for the last five years.
Unfortunately that obscures the fact that at risk groups, including seniors, single parents and people with student loans, don’t qualify for traditional low cost borrowing options, so they turn to payday loans, quick cash installment loans, and other high interest crippling forms of debt.
...2015-05-0928 minDebt Free in 3028 – Wage Garnishments – No Need to PanicToday’s guests are Rebecca Martin, Trustee in Bankruptcy and Consumer Proposal Administrator at Hoyes, Michalos & Associates Inc. and our co-founder, Ted Michalos. We talk about one of the biggest reasons people contact a Bankruptcy Trustee in a panic - they've received notice from a creditor or their employer that their wages are being garnished. Today's podcast explains everything you need to know about wage garnishments and what you can do about it.
Rebecca explains what a wage garnishment is, how it works, and who it effects. To round out the discussion, Ted offers solutions for...2015-03-1429 minDebt Free in 306 – RESPs and Debt – Mike Davies, Barton Goth, Ted MichalosOn today’s show we have three guests. Mike Davies is a financial planners with IPC Investment Corporation in Brantford, and he explains the RESP rules, including how much you can contribute.
In the second segment Barton Goth, a bankruptcy trustee based in Edmonton, Alberta, explains what happens to an RESP if you go bankrupt. Alberta has different rules than Ontario, and we discuss the differences.
In the bonus segment Ted Michalos, co-founder of Hoyes Michalos, gives his opinion on how the federal government should change the rules to make the RESP rules consi...2014-10-1130 min
Debt Free in 301 - Ted Michalos Rants About Payday LoansHost Doug Hoyes talks to Ted Michalos about the new Debt Free in 30 radio show and podcast. In this first episode they discuss their plan for the show in the first segment.
In the second segment Ted explains his biggest "pet peeve": payday loans.
In the bonus podcast-only segment Doug and Ted give practical advice on what to do when you have a short term cash flow crunch and you are tempted to use payday loans.2014-09-0130 min